Adding Good Credit And Piggybacking

You need to have good credit to be able to successfully apply for home loans or car loans

. Wondering how you can increase your credit worthiness? Well, we have listed some easy steps below, read on to know.

When you are at a time in your life when you are ready to make a big purchase, like your first home or a new vehicle, you need to have a high enough credit score to secure the loans that you need. You also want to be able to get the lowest possible interest rates so that you do not end up paying a fortune in interest. If your credit score is below 760, you may be paying too much in interest. If it is below 620, it is probably very difficult for you to get any reasonable loans. There are some effective ways to raise your credit score fast by adding good credit and piggybacking that anyone can do.

First of all, if you do not have a credit card you should get one. They are an easy way to build your credit up. Purchase a few things every month that you can afford with cash, and then pay off the card balance as soon as you get the bill. This way you are not paying any interest to the card company but are still showing that you can use credit wisely. If you are not able to get a card, you can participate in a practice known as piggybacking to improve your score. Someone adds you as an authorized user of their card and this helps you to improve your credit score. It is a controversial practice, but it works.

Next, consider getting an installment loan if you do not already have one to prove your credit worthiness. This is an easy way to raise your credit score fast because you show that you can pay down a loan overtime. Get a small personal loan from a bank and always make your payments on time, every time.

Also, pay down your credit cards as much as you can and avoid holding high balances on any of them. When you have high balances, this affects your debt to credit ratio, which in turn negatively affects your credit score. Always make sure to keep balances as low as possible and pay off whatever you can, whenever you can. Think before you purchase anything with a credit card, as it can be tempting to swipe the plastic and worry about payment later, but if you cannot feasibly pay it off soon do not buy it.

You can raise your credit score fast if you follow the above tips, piggyback on another account and always think before you buy anything. You need a good credit score to get the things that you want, so do everything that you can to improve your scores and avoid doing anything that will negatively affect you. You have the power to get your score as high as possible if you are patient and spend wisely.

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by: Courtney Dawson

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